“Prince may rest in peace”; his heirs have reached an agreement to share his estate
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An agreement was reportedly reached in early August between the various heirs of the artist who died in 2016 without descendants or wills.
Six years after the death of Prince, which occurred April 21, 2016 in Paisley Park, home and recording studio of the star in Minnesota, his estate is about to be resolved. Died suddenly of a fentanyl overdose, the artist, without descendants or will, leaves behind several million euros.
Monday 1er August, after six years of negotiations between the various heirs, a judge managed to reach an agreement on the sharing of the artist’s 156 million dollar inheritance. When the artist died at the age of 57, and in the absence of direct descendants or a spouse, Prince’s sister and five half-siblings were designated as legal heirs. Three of them had since sold all, or most, of their shares to the company Primary Wave, which now owns the majority of the rights to the vast catalog of songs of the “Kid of Minneapolis”; three others retained their shares and hired longtime Prince advisers L. Londell McMillan and Charles Spicer to manage them.
“A historic moment”
The agreement reached in early August distributes $6 million in cash and several times that amount in music rights and other intangible assets between the three heirs who did not sell their shares, their families, their advisers and Primary Wave.
This is a historic and very exciting moment. Prince is almost free to rest now…
L. Londell McMillan, Prince’s former manager and advisor to three of the heirs
Asked by Billboard L. Londell McMillan explained that he and his associates were “relieved and thrilled to finally be done with the probate court system and the bankers who don’t know the music business and didn’t know Prince.” “I represented Prince for over 13 years and we broke new ground to transform the music industry, he adds. We hope to do the same with his incredible rights and catalog (…).This is a historic and very exciting moment. Prince is almost free to rest now…“, he adds in an e-mail.
For its part, Primary Wave said in remarks reported by Billboard that the company was “extremely pleased that the process of closing Prince’s estate has now been finalized.” During the six years of legal proceedings, several projects and archives of the artist were published posthumously such as the album Welcome 2 Americarecorded in 2010 at Paisley Park and released in 2021.
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